South Atlantic Bank Announces Solid Growth in Year-End Earnings
Net Income Grows Nearly 22 Percent
MYRTLE BEACH, S.C., March 6, 2015 /PRNewswire/ -- South Atlantic Bancshares, Inc. (the company), parent of South Atlantic Bank, today reported net income of $2,004,218 or $0.58 per diluted share for the year ended December 31, 2014, an increase of 21.9 percent when compared to the $1,644,650 or $0.49 reported a year ago. At year-end 2014, the bank achieved its fourth consecutive yearly profit.
"It was a busy and productive year at South Atlantic Bank," said K. Wayne Wicker, chairman of the board and chief executive officer. "During 2014, we moved into our new Pawleys Island office, opened a full service location in Mount Pleasant, and announced plans for a new office in North Myrtle Beach. We further developed our infrastructure by filling key positions in the retail sales, credit, and compliance areas of the bank. Additionally, we implemented a management training program to ensure we have the talent on hand to fill staffing needs as we continue to grow.
"Our success in 2014 – namely double digit earnings growth along with double digit growth in the balance sheet – can be attributed directly to the expansion of our geographic footprint," Wicker said. "Our market share continues to increase due to the strong efforts put forth by our branch staff and lending personnel in delivering South Atlantic Bank's exemplary customer service," he said.
Total deposits grew 14.4 percent, from $285.5 million reported at December 31, 2013, to $326.6 million at December 31, 2014. Total loans grew 20.4 percent during 2014, from $218.2 million at December 31, 2013 to $262.6 million at December 31, 2014. Total assets grew 14.2 percent, from $318.0 million at December 31, 2013, to $363.3 million at December 31, 2014.
South Atlantic Bank's credit quality continues to be strong with net charge-offs to total average assets of 0.07 percent, which compares favorably to state and national figures. The bank has now recorded three consecutive quarters with zero past dues, a significant accomplishment based on a portfolio in excess of $260 million.
The bank's capital ratios continue to exceed regulatory requirements. The company's already strong capital position was further bolstered by the completion of the first phase of a private placement offering of its common stock in 2014. The company anticipates completing the second phase by the end of the first quarter 2015. Proceeds from the raise will be used for general corporate purposes and to support the growth and capital position of the bank.
About South Atlantic Bank
South Atlantic Bank is a $359.2 million financial institution that is locally owned, controlled, and operated. The bank is headquartered in Myrtle Beach, South Carolina, and has additional offices in North Myrtle Beach, Murrells Inlet, Pawleys Island, Georgetown, and Mount Pleasant, South Carolina. South Atlantic Bank offers a wide variety of services for businesses and consumers, including South Atlantic Bank goMobile, its mobile banking app. The bank also offers internet banking, no-fee ATM access, checking, CD, and money market accounts, merchant services, mortgage loans, remote deposit capture, and more.
For more information, visit SouthAtlanticBank.com.
Member FDIC
South Atlantic Bank |
|||||
Selected Financial Highlights |
|||||
For the |
For the |
For the |
For the |
For the |
|
Twelve Months Ended |
Nine Months Ended |
Six Months Ended |
Three Months Ended |
Twelve Months Ended |
|
December 31, 2014 |
September 30, 2014 |
June 30, 2014 |
March 31, 2014 |
December 31, 2013 |
|
Year-to-Date Balances (In Thousands) |
|||||
Total assets |
$ 363,348 |
$ 338,097 |
$ 353,406 |
$ 330,650 |
$ 318,057 |
Investment securities |
52,607 |
71,023 |
71,539 |
67,846 |
73,727 |
Loans, net of unearned income (total loans) |
262,646 |
239,402 |
245,585 |
232,091 |
218,174 |
Deposits |
326,594 |
308,263 |
325,793 |
298,363 |
285,519 |
Shareholders' equity |
32,242 |
27,937 |
26,740 |
25,653 |
24,141 |
Average Balances (In Thousands) |
|||||
Total assets |
$ 341,288 |
$ 339,879 |
$ 332,623 |
$ 323,697 |
$ 307,746 |
Earning assets |
318,590 |
308,869 |
309,948 |
301,025 |
281,908 |
Investment securities |
67,306 |
70,698 |
71,002 |
70,871 |
69,880 |
Loans, net of unearned income |
239,797 |
236,225 |
233,804 |
226,844 |
199,817 |
Deposits |
308,929 |
307,397 |
298,140 |
287,413 |
281,306 |
Shareholders' equity |
26,925 |
26,342 |
25,763 |
25,063 |
24,904 |
Earnings Breakdown (In Thousands) |
|||||
Total interest income |
$ 13,012 |
$ 9,743 |
$ 6,434 |
$ 3,143 |
$ 11,291 |
Total interest expense |
1,188 |
910 |
635 |
314 |
1,311 |
Net interest income |
11,825 |
8,833 |
5,799 |
2,829 |
9,980 |
Total noninterest income |
1,705 |
1,196 |
709 |
297 |
2,146 |
Total noninterest expense |
10,618 |
7,851 |
5,146 |
2,544 |
9,305 |
Provision for loan losses |
475 |
400 |
325 |
150 |
730 |
Income before taxes |
2,437 |
1,778 |
1,038 |
432 |
2,092 |
Taxes |
433 |
295 |
159 |
57 |
447 |
Net income |
2,004 |
1,482 |
879 |
375 |
1,645 |
Diluted earnings per share |
0.58 |
0.44 |
0.26 |
0.16 |
0.49 |
Selected % Increases |
(Compared to the same period a year ago) |
||||
Total assets |
14.24% |
8.41% |
8.34% |
11.85% |
11.60% |
Total interest earning assets |
14.04% |
11.37% |
8.99% |
11.98% |
11.93% |
Total loans |
20.38% |
20.74% |
21.16% |
17.26% |
14.84% |
Total deposits |
14.39% |
7.55% |
8.08% |
10.62% |
10.10% |
Interest income |
15.24% |
17.11% |
16.96% |
17.15% |
12.89% |
Interest expense |
(9.40)% |
(9.25)% |
(6.85)% |
(4.89)% |
(19.09)% |
Noninterest income |
(20.54)% |
(20.56)% |
(34.99)% |
(19.50)% |
(20.62)% |
Noninterest expense |
14.11% |
24.03% |
24.87% |
30.52% |
15.40% |
Net income |
21.90% |
9.91% |
1.74% |
1.50% |
23.50% |
Selected Ratios |
(Compared to the same period a year ago) |
||||
Return on assets |
0.55% |
0.58% |
0.53% |
0.47% |
0.53% |
Return on equity |
7.44% |
7.52% |
6.88% |
6.08% |
6.60% |
Interest income to total average assets |
3.81% |
3.83% |
3.90% |
3.94% |
3.67% |
Interest expense to total average assets |
0.35% |
0.36% |
0.38% |
0.39% |
0.43% |
Net interest income to total average assets |
3.46% |
3.47% |
3.52% |
3.54% |
3.24% |
Loan loss reserve to total loans |
1.00% |
1.11% |
1.07% |
1.10% |
1.10% |
Nonperforming assets to total average assets |
0.13% |
0.09% |
0.21% |
0.23% |
0.13% |
Net charge-offs to total average assets |
0.07% |
0.04% |
0.03% |
0.00% |
0.21% |
Net interest margin |
3.79% |
3.81% |
3.85% |
3.87% |
3.54% |
Contact:
Barbara W. Marshall, Senior Vice President and Director of Marketing
[email protected]
843.839.4948
SOURCE South Atlantic Bancshares, Inc.
Related Links
http://www.SouthAtlanticBank.com
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article